DFK Tax Digest – 2023 Issue Two
- The New Underused Housing Tax – You Are a Canadian Citizen So How Does It Affect You? – Hopefully, you have heard about the new Underused Housing Tax (“UHT”) by this point. You may be wondering what it means for you, a Canadian citizen.
- Budget Update: Bill C-208 and Intergenerational Transfers – Bill C-208 was a private members bill that was passed in June of 2021. It was introduced to allow similar tax treatment on intergenerational family transfers of Canadian Controlled Private Corporations (CCPC) as an arm’s-length sale. Before C-208, if you sold a company to an arm’s-length company, the gain was taxed as a capital gain. However, if you sold a company to a company controlled by certain relatives, the gain was recharacterized and taxed as a dividend.
- Understanding Changes to Canada Revenue Agency “CRA” Administrative Policy for Certain Taxable Benefits – In this blog we will cover the changes that the CRA recently made to its administrative policy for certain taxable benefits related to gifts, awards, and rewards, as well as virtual social events.
